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A Game-Changer for Community Development: LISC Offers $100M in Bonds

For the first time in its history—and the first time ever for a Community Development Financial Institution (CDFI)—LISC is tapping the bond market to raise $100 million in capital that it will use to help energize local economies. "This new capital will not only help us fuel businesses, jobs and large-scale redevelopment efforts, but also help address the persistent social and economic challenges preventing people from maximizing economic opportunities," says LISC CEO Maurice Jones. The bond offering received a 'AA' rating from Standard & Poor's. Read the press release and the article in Affordable Housing Finance.

New LISC NYC Video

We recently unveiled a new video highlighting how we work to ensure that New York City's low-income residents share in our city's growth and prosperity. Don't miss it!

LISC NYC Makes Record Investments in 2016

2016 was an exciting year for LISC New York City. Our technical assistance and lending activities assisted in the closings of 2,118 units of affordable housing, representing a total investment of $451 million including all public and private resources. Our subsidiary National Equity Fund closed on an additional 703 units of affordable housing, representing a total equity investment of $121 million and total development costs of $283 million including all public and private resources. Read more >>

LISC NYC Technical Assistance Preserves Hundreds of Affordable Housing Units

Last year, using our subsidized fee-for-service model, LISC NYC provided consulting and technical support tolocal partners for two affordable housing preservation projects of significant scale and complexity. The first of these projects is the rehabilitation of Kenmore Hall, a building in Manhattan’s Gramercy neighborhood comprising of 326 affordable units that provide permanent housing with on-site services to formerly homeless individuals. LISC’s consulting services also assisted in the formation of a joint venture partnership involving the non-profit organization Hope Community, real estate developer Monadnock Development LLC, and general contractor Notias Construction. This partnership was formally established in October 2016 and will result in the preservation of 506 affordable units across 39 buildings in New York City. Read the story!

The 2017 LISC NYC Big Apple Innovation Awards

On January 24, 2017, LISC NYC’s annual Big Apple Innovation Awards event brought together over 500 community development professionals to celebrate the outstanding leadership, innovation and dedication of individuals and organizations who share our vision for an inclusive New York City. President of Citi Foundation Brandee McHale received the Lisa & Dick Cashin Champion of Community Development Award, and The Joint Ownership Entity (JOE) received the Innovation of the Year Award. Read the story!

LISC NYC and NEF Support the FAC Renaissance Preservation Project

Earlier in the year, LISC NYC partner Fifth Avenue Committee announced the FAC Renaissance project, which will renovate 21 buildings with 146 affordable units in Park Slope and Gowanus, most of which have rents of less than $650 per month. The rents will remain the same despite the major capital improvements being made to the buildings. The project has been divided into two phases and will result in development costs totaling $24.3 million. The project was made possible by direct loans from LISC NYC and TD Bank, as well as $13 million in tax credit equity syndicated by LISC NYC affiliate National Equity Fund (NEF).  Read the story!

LISC NYC and Fellow Advocates Praise State Leaders for Budget that Includes $2.5B for Housing

LISC NYC joined a coalition of 11 housing advocates and stakeholders to issue a statement in response to the passage of the New York state budget, which includes $2.5 billion in promised funds for housing. "Especially in the face of uncertainty at the federal level, New York’s landmark commitment shows individuals and families throughout the state that leaders in Albany are serious about tackling the housing challenges that threaten our communities," the statement reads, "and we commend them for making good on their promise." Read the full stattement >>

Creating Community Programs That Work

What’s the secret to generating lasting, positive change in urban communities? Colleen Flynn, Director of Programs for LISC NYC’s Green and Healthy Neighborhoods programs, says that it’s not about outsiders coming in with big ideas and making decisions for those seeking to improve conditions in their neighborhood, but rather it’s about helping to bring about change that begins and ends with the people who live in that community. Read Colleen’s article on the New York Academy of Medicine’s Urban Health Matters Blog!

LISC NYC Teams up with NYC Small Business Services and Citi Community Development to Strengthen and Revitalize Commercial Districts across New York City

LISC NYC is thrilled to share news about the launch of its partnership with New York City’s Department of Small Business Services (SBS) and Citi Community Development on Neighborhood 360°, a new program that strengthens and revitalizes commercial corridors and small businesses that anchor New York City neighborhoods. It is LISC NYC's first major programmatic partnership with SBS focused on commercial revitalization. The partnership grew out of LISC NYC’s work with SBS to create a Commercial District Needs Assessment (CDNA) for community based organizations to gain baseline data and information about their local commercial corridors.

LISC NYC will provide winners of the Neighborhood 360° grants with financial resources, expertise, and support with storefront improvements and retail attraction. Together, LISC NYC and Citi Community Development have contributed $525,000 to the initiative, enabling organizations to make visible and meaningful change in their communities in a relatively short time period. Read the story!

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LISC NYC Partner NEBHDCo featured on NBC's GIVE

Longtime LISC NYC partner Northeast Brooklyn Housing Development Corporation (NEBHDCo) was recently featured on GIVE, an NBC show that introduces viewers to the world of philanthropy through the stories of small non-profit organizations making a big impact. The episode features the philanthropic activities of The Laurie M. Tisch Illumination Fund, which funded NEBHDCo as part of LISC NYC's Communities for Healthy Food program. Watch the episode now!